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AGL Resources Inc. Jan 12 Product Image

AGL Resources Inc. Jan 12

  • Published: January 2012
  • Standard & Poors

Abstract
Highly stable regulated utility operations generate about 70% of consolidated operating profit. The utility operations have a large, geographically diverse residential and commercial customer base. We expect the more volatile nonregulated businesses will grow at a measured pace. AGL's wholesale trading and marketing business, Sequent, has inherently volatile cash flows and requires diligent risk management to ensure its derivative exposure is properly managed. Pro forma for Nicor, the company will expand to Illinois, a jurisdiction we consider more challenging, and acquire a volatile Caribbean-based shipping company. Significant financial leverage. Atlanta-based AGL Resources Inc.'s rating reflects an "excellent" business risk profile and a "significant" financial risk profile (as our criteria define the terms). With monopolistic regulated utility operations generating the majority...

Companies mentioned in this report are: AGL Resources Inc.,Atlanta Gas Light Co.,Pivotal Utility Holdings,Nicor Gas Co.,AGL Capital Corp.
Action: Review

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AGL Resources Inc.,Atlanta Gas Light Co.,Pivotal Utility Holdings,Nicor Gas Co.,AGL Capital Corp.

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